Property Q&A in Charlotte>Question Details

1079179521, Home Buyer in Charlotte, NC

How to buy this house??? foreclosure on the joyce kilmer dr, charlotte, nc 28213

Asked by 1079179521, Charlotte, NC Thu Mar 29, 2012

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This question is about this property: http://www.trulia.com/foreclosure/3078764670--Joyce-Kilmer-D…

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Answers

7
Good afternoon.
This home appears to be in pre-foreclosure status and the listing you see is due to a preforeclosure notice. The Sale date is or will be posted at the courthouse and in the Mecklenburg Times legal notice paper (online or paper copy). Sale dates can be postponed and sales cancelled if the current owner cures the default or sells as a short sale. If it goes to foreclosure sale, and you choose to bid on it there, it is essential that you work with an experienced Real Estate attorney and others who can keep you out of trouble.

We have helped people buy homes on the courthouse steps. You pay all your own costs, so if you don't have at least 20% of the purchase price in CASH, it probably won't work. If you are financing the purchase, you need to have a pre-approval from a lender who can GUARANTEE that you will close in under 30 days after winning the bid.

If there is a mortgage, the first lienholder will usually bid in at a protect price. They are mainly concerned about protecting their investment and will buy back the asset at the amount of their current mortgage balance. This can be above or below the current market value, but it is not based on what is a market competitive price. There is a 10 day bid upset period. The lienholder will not usually get into an upset bid contest, but other people and companies might.

There are LOTS of ways you can lose your shirt, including being the winning bid, paying the winning bid price in cash and ultimately not owning the property. It is essential that you work with an experienced Real Estate attorney and others who can keep you out of trouble.
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0 votes Thank Flag Link Fri Mar 30, 2012
This house will be sold at a foreclosure auction. Go to http://www.trulia.com/guide/foreclosure/public_auction/buyin… and you will find information on how to handle the foreclosure auction process. Hiring an attorney can help make the process go much smoother also.
0 votes Thank Flag Link Thu Mar 29, 2012
This house is scheduled for foreclosure. The house will be auctioned off at the county court house steps. You would have to contact the courthouse in mecklenburg county to see when the sale date is set for.

Some things you should know about how the process works. trulia is giving you an estimate as to what the market value of the home is. that does not mean the home will sell for that. it could go for a lot more or less. the bank will generally place a bid on the house to protect their interest in the house and ensure they do not lose to much money. If the bank feels the value fo the house is a certain value they will bid that price. if your closed bid si greater than that you can win the bid. However; you will not knwo what the other bid on the house is or how many people bid on the house.

Also, you have to be prepared to execute payment in full within a 10 day period of winning the bid. They will require a deposit form you at the time fo the bid in a certified check and the home owner has 10 day right to redeem. This means for the 10 days after the sale the homeowner can come in and reclaim the house. however; this rarely, if ever happens.

if you are looking to finance the house you will not be able to do that. it is a cash sale only. they expect the funds immediately after the 10 day redemption period or you lose your earnest money.

I hope this helps answer soem of the questiosn for you...if you are looking to buy a property that may be bank owned you are better off finding a knowledgeable realtor to help work with you and locate homes that are on the market then you have the option of financing them and getting inspections done on the home.

If I can be of any otehr help to you please do not hesitate to give me a call at 704-519-7895 or e-mail me back at ddicecco@cbunited.com.

Dave diCecco
Realtor/Broker
Coldwell Banker United
Web Reference: http://www.davedicecco.com
0 votes Thank Flag Link Thu Mar 29, 2012
You need to do two very important things:

1. Consult with a Realtor to learn about this property. Be sure to review any disclosures about the condition of the property known to the seller. You will need to sign a Buyer's Agency Agreement with a Realtor, so they can best represent you in the purchase transaction. There is cost for buyer to work with a Realtor.

2. Once you have consulted with a realtor, and decided what to offer, consult with a mortgage professional to get preapproved for the mortgage loan program that best meets your needs. Banks want to see a preapproval letter before considering an offer.

I am happy to assist you with a preapproval. Feel free to call or email me.

Dana.Meadows@prospectmtg.com
704-763-9728
0 votes Thank Flag Link Thu Mar 29, 2012
Foreclosures are bank owned, so it is more of a business transaction than one combined with the emotions of an owner selling their home. Correspondence happens Monday through Friday 9-5. There are nuances to every different type of transaction, so an experienced broker can help you negotiate your best deal. I would be happy to help you with this purchase and to help guide you through all the decisions you need to make....and to make sure this is the right home for you.
0 votes Thank Flag Link Thu Mar 29, 2012
Put in an offer on it. Foreclosures are easier to purchase than short sales, they are already owned by the bank.

Sondra Blaser
Broker NC/SC
704-281-1865
0 votes Thank Flag Link Thu Mar 29, 2012
Email me directly for information regarding the property!
John.Siddons@prucarolinas.com
0 votes Thank Flag Link Thu Mar 29, 2012
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